Employee Benefits in Australia 2020

Employee Benefits in Australia 2020

Summary

Australia has one of the most developed and well-established welfare systems. In order to ensure decent living conditions for its citizens, the Australian government operates various welfare schemes. The main outgoing expenditures of the Australian government include income support payments and the payment of expenditures to families, including retirement benefits and other pensions. The Australian pension system is divided into three pillars: the first is funded through general taxation revenue with a flat rate benefit regardless of the individual’s previous earnings; while a superannuation guarantee forms the second pillar, which is a mandatory concessional-taxed savings system; and the third pillar is a voluntary superannuation contribution system assisted by tax concessions. The Australian social security system also supports unemployed people with the new start allowance. People who are unable to support themselves through work or savings are supported through payments such as family tax benefit, supplementary payments and income support payments. The allocation of payments is based on the means testing of the individual’s income and assets.

The report provides in-depth industry analysis, information and insights of the employee benefits in Australia, including: overview of the state and compulsory benefits in Australia, detailed information about the private benefits in Australia, insights on various central institutions responsible for the administration of the different branches of social security and the regulatory framework of the employee benefits in Australia.

Key Highlights

- The social security system of Australia covers people belonging to different sections, including the labor force and unemployed people.
- Concession cards are additional assistance provided to people who receive income support and other people receiving a low income.
- The Department of Human Services (DHS), through Centre link, administers the social security law of Australia.
- All social security benefits are regulated by the consolidated Commonwealth Acts of Australia.

Scope

This report provides a detailed analysis of employee benefits in Australia -
- It offers a detailed analysis of the key government-sponsored employee benefits, along with private benefits
- It covers an exhaustive list of employee benefits, including retirement benefits, death in service, long-term disability benefits, medical benefits, workmen's compensation insurance, maternity and paternity benefits, family benefits, unemployment, leave and private benefits
- It highlights the economic and regulatory situations relating to employee benefits in Australia

Reasons to Buy

- Make strategic decisions using in-depth information related to employee benefits in Australia.
- Assess Australian employee benefits market, including state and compulsory benefits and private benefits.
- Gain insights into the key employee benefit schemes offered by private employers in Australia.
- Gain insights into key organizations governing Australian employee benefits, and their impact on companies.